The the global IoT security market is expected to grow at a CAGR of 55.01% during the period 2016-2020.

IoT is the communication between connected devices within a network. Data transmission takes place between smart devices, such as thermostats and sensors, which can be further connected to an individual's mobile devices. IoT works efficiently due to the interconnection between embedded hardware devices, communication services, software, and IT services. It helps in efficient remote monitoring and management of numerous interconnected devices. IoT also enables the creation of smart homes, smart shopping, smart transportation, and smart healthcare.

End-users prefer integrated IoT security solutions that provide overall security to devices and networks. This is because different stand-alone security solutions may lead to integration issues. In addition, stand-alone IoT security solutions may prove to be costly to end-users and may increase network complexity. Integrated IoT security solutions provided by the vendors will provide better support and functionality to the customers.

According to the report, a number of sectors such as retail, manufacturing, healthcare, and automotive use IoT to ensure efficient data transmission of confidential information between devices and people through networks. Thus, governments across the globe have framed certain regulations to enforce compliance in order to secure networks from hackers and viruses.

Further, the report states that the overall deployment cost of IoT security solutions includes the cost of software licensing, system designing and customization, implementation, training, and maintenance. After implementation, IoT security solutions have to be upgraded regularly. All of these factors lead to an increase in the overall costs incurred by an organization for implementing these solutions.